Union Bank of India to open branches in Sydney, Belgium

Kozhikode: The Union Bank of India has got clearance from the Reserve Bank of India for opening new branches in Sydney and Belgium.

The bank at present has one established branch in Hong Kong and representative offices in Sydney, Shanghai, London, Beijing and Abu Dhabi, UBI Chairman and Managing Director M V Nair said.

It is also opening a subsidiary in the United Kingdom and has already got the permission to open representative office in Canada, he added.

Nair was speaking at the inauguration of the Bank's 200th branch in Kerala at Vatakara in the district on Tuesday.

The bank had opened 211 branches across the country during the year 2010-11, and has crossed the milestone figure of 3,000 in a branch network, a UBI release said.

The bank, which has a total business to the tune of Rs 11,000 crore in the state, plans to open 400 additional branches this year including 30 in Kerala, he said.

Transactions through alternate delivery channels has proved to be a huge success for the bank with more than 50 percent of its transactions routed through them, he said.

The bank has more than 2,600 ATMs and plans to increase it to 5,000 ATMs this year, he added.

Source: Financial Express